By Devika Patel
Knoxville, Tenn., Nov. 7 - Kodiak Exploration Ltd. said it is increasing the greenshoe of a previously announced C$40 million private placement of flow-through shares and common shares to C$15 million from C$10 million. All other terms of the deal, which priced Nov. 6, remain unchanged.
The syndicate of underwriters, co-led by National Bank Financial Inc. and Cormark Securities Inc., now has an over-allotment option of up to 789,474 common shares and 416,667 flow-through common shares, boosted from the greenshoe of 2,631,579 common shares announced at pricing.
As previously reported, the company plans to sell 2,083,334 flow-through shares at C$4.80 apiece, raising about C$10 million. It also will sell 7,894,737 common shares at C$3.80 apiece, raising approximately C$30 million.
Closing is expected on Nov. 27.
All of the shares will have a four-month hold period.
Proceeds will be used for exploration, land acquisitions and general corporate purposes.
Based in Vancouver, B.C., Kodiak is a mineral exploration company focused on gold, base metals and uranium in Canada.
| Issuer: | Kodiak Exploration Ltd.
|
| Issue: | Flow-through shares, common shares
|
| Amount: | C$40 million
|
| Greenshoe: | 789,474 common shares, 416,667 flow-through common shares, or C$15 million
|
| Warrants: | No
|
| Agent: | National Bank Financial Inc., Cormark Securities Inc. (co-leads)
|
| Pricing date: | Nov. 6
|
| Upsized: | Nov. 7
|
| Settlement date: | Nov. 27
|
| Stock symbol: | TSX Venture: KXL
|
| Stock price: | C$4.12 at close Nov. 5
|
|
|
| Flow-through shares
|
| Shares: | 2,083,334
|
| Price: | C$4.80
|
|
|
| Common shares
|
| Shares: | 7,894,737
|
| Price: | C$3.80
|
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